Looking for a new home can be lots of fun for buyers. But, as a mortgage broker, we know buying a home can be overwhelming and confusing. Think of all those terms you need to know – PITI (principal, interest, taxes, insurance), points and prepayment penalties.

But when you have a mortgage broker on your side, you have a valuable resource, who can answer all of your questions and provide guidance. A seasoned mortgage broker can help you find the best deal while helping you navigate the complex mortgage process.

To help you get started on the home-buying process, here are some tips Grandview Lending would like to share:

1. Give our mortgage brokers a call first.

 Besides your Realtor, a mortgage broker can help guide you through the home-buying process – especially when it comes to financial matters. Whether it’s your first go-around at home buying or you’ve been through the process before, our mortgage brokers can provide you with advice that’s personalized to your specific situation. Contact us today.

2. Get your team in place.

 Buying a new home requires a whole team of players to accomplish all of the tasks. Besides your Realtor and mortgage broker, you’ll need your attorney, a home inspector, an appraiser, an insurance agent and a title company representative. Instead of panicking at the last moment to find the right person for the job, assemble your team of experienced professionals beforehand to help guide you through the decision-making process.

3. Understand the rules regarding down payments.

 Your mortgage broker can help you figure out how you’re going to fund your down payment legally. You just can’t borrow money from a family member or friend for your down payment. That’s a big underwriting no-no. And if you’re using gift funds for your down payment, make sure they’re thoroughly documented.

4. Share all of your financial documents with your mortgage broker.

 Buying a home and getting a mortgage requires a lot of paperwork. Your mortgage broker can evaluate your financial documents and find the right loan to suit your situation. But your broker needs to receive all of your documentation. Additionally, your mortgage broker can act as a liaison between you and the underwriter when issues arise. So keep them in the loop along the way.

5. Don’t make any financial changes once you’ve started the loan process.

 Any changes to your financial status during the loan process can put your mortgage loan at risk. So don’t buy a new car, a boat, or furniture and appliances for your new home. Put off buying these big-ticket items until after your closing has gone through. Also don’t obtain any new lines of credit or make major changes affecting your credit. And don’t quit your current job or take a new job until after closing, too. Since lenders require pay stubs for the past 30 days, a job change could push back your closing date.

At Grandview Lending, we want to make your home-buying process go as smoothly as possible. We hope these tips are helpful as you begin this multifaceted process. Give us a call at 317.255.0062 if you have any questions or need help securing a home loan.

Photo credit: 123RF / Alexander Raths